Sports betting firm BetonSports has recently announced the addition of three online casinos and sportsbooks to its empire. The deal to purchase Player Super Book, MVPSportsbook, and V-Wager “represents an exceptional opportunity to bring well respected brand names into our family,” said BetonSports’ chief executive David Carruthers.

Terms of the deal see BetonSport initially paying an upfront sum of $20.2 million for the three sites; $2.18 million of which is represented in shares and the remaining $15.2 million in cash. A further $16.8 million in cash to be paid will be determined by the performance and profitability of the three businesses up until the end of February 2007.

Reports of lower than average revenues were also confirmed by the sports betting firm, citing sports betting margins for NFL had been lower than usual due to a large number of favorites winning their events. However David Carruthers was quick to point out that gross win margins in all other sporting events are higher on previous years. He also predicted that sports betting margins would return to their previous levels in due course. “The company expects that these margins will follow the trend of earlier years and return to normal levels during the balance of the financial year, in which case the results will be in line with expectations,” Carruthers said.

In further developments at BetonSport, Richard Creed has been appointed temporary finance director until a permanent incumbent can be found. Creed’s appointment comes as a result of current finance director Craig Lapsley’s decision to retire from the board of directors. Lapley will however continue in his role of company secretary for BetonSport.

Share prices were also marginally down this afternoon at the end of the day’s trading. BetonSports shares dropped two and three quarter points to close at 127.50 pence.

Back to December 2005 Online Gambling News
Back to latest Online Gambling News
Back to Online Gambling Archive